Morning News Call - India, January 11

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FACTORS TO WATCH
10:00 am: Oil Minister Dharmendra Pradhan, ONGC Chairman Shashi Shanker, Oil
India Chairman Utpal Bora and other oil industry officials at FICCIs conference
on India's Domestic E&P Potential in New Delhi.
10:00 am: Housing & Urban Affairs Minister Hardeep Puri at inauguration of
NITI Aayog's national workshop on Municipal Finance & Effective and Accelerated
implementation of Smart Cities in New Delhi.
11:00 am: SIAM to announce auto industry sales figure for the month of
December in New Delhi.
11:30 am: Mirae Asset Global Investments media roundtable for new business
plan and market outlook in Mumbai.
1:45 pm: IndusInd Bank to brief media about its third-quarter earnings in
Mumbai.
5:00 pm: Tata Consultancy Services to brief media on third-quarter earnings
in Mumbai.
GMF: LIVECHAT-COMMODITIES TECHNICALS
Wang Tao, Reuters Market Analyst for Commodities Technicals, joins us to
discuss his 2018 Q1 outlook for commodities on the charts at 09:00 am IST. To
join the conversation, click on the link: here
INDIA TOP NEWS
•India allows foreign investors to own up to 49 pct of Air India
India cleared a proposal on Wednesday to allow foreign investors to own up
to a 49 percent stake in state-run carrier Air India, paving the way for global
airlines to bid for the loss-making flagship carrier.
•Indian regulator bars Price Waterhouse from auditing listed firms for 2
years
India's capital market regulator late on Wednesday barred Price Waterhouse
from auditing listed companies in the country for two years, after a probe into
a nearly decade-old accounting fraud case in a software services company that
became India's biggest corporate scandal.
•Supreme Court keeps ban on Jaiprakash Associates asset sales
India's top court on Wednesday maintained a ban on sale of assets or a stake
in Jaiprakash Associates Ltd, while saying it would hear at a later date a plea
by the central bank seeking to push the infrastructure company into insolvency
proceedings.
•India rice exports seen surging to record as Bangladesh boosts buying
India's rice exports likely jumped 22 percent in 2017 to a record 12.3
million tonnes as neighbouring Bangladesh ramped up purchases after flooding hit
its crops, industry officials told Reuters.
GLOBAL TOP NEWS
•China may be mulling Treasuries slowdown, but options limited
Chinese officials reviewing the country's vast foreign exchange holdings
have recommended slowing or halting purchases of U.S. Treasury bonds amid a less
attractive market for them and rising U.S.-China trade tensions, Bloomberg News
reported on Wednesday.
•Trump, on possibility of North Korea talks, says: 'Who knows where it
leads?'
U.S. President Donald Trump said on Wednesday after the first intra-Korean
talks in over two years that the United States was willing to speak to North
Korea "under the right circumstances," although it was far from clear whether
this would pay dividends.
•Buffett succession gains clarity as Berkshire promotes Abel, Jain
Berkshire Hathaway Inc on Wednesday promoted two of its top executives,
Gregory Abel and Ajit Jain, adding them to its board and cementing their status
as the front runners to succeed Warren Buffett atop the
conglomerate.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
The SGX Nifty Futures were trading at 10,622.00, trading down 0.15 percent
from its previous close.
The Indian rupee will likely trade lower against the dollar in early
session, as crude oil prices continue to rise, while expectations of weak local
shares raised concerns of foreign fund outflows.
Indian government bonds are expected to fall amid concerns that rising crude
oil prices would cause inflation to accelerate further. The yield on the
benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 7.42
percent-7.46 percent band today.
GLOBAL MARKETS
• The three major U.S. stock indexes ended lower on Wednesday after a choppy
trading session as investors worried that China would slow U.S. government bond
purchases and that U.S. President Donald Trump would end a key trade agreement.
• The New Year rally in Asian shares ran out of steam as concerns about the
U.S. administration's protectionist stance hit Wall Street while U.S. bonds were
dented by speculation China may curtail buying.
• The dollar nursed its losses against the yen, having suffered its biggest
one-day drop in nearly eight months following a report that China was ready to
slow or halt its purchases of U.S. Treasuries.
• U.S. Treasury yields jumped to 10-month highs on Wednesday after Bloomberg
News reported that Chinese officials have recommended the country slow or halt
its purchases of the U.S. bonds.
• Oil prices held near three-year highs, supported by a surprise drop in
U.S. production and lower crude inventories, although analysts increasingly
warned of signs that fuel markets have overheated.
•Gold prices edged up after hitting a near four-month high in the previous
session, on a weaker dollar and as a rally in equities ran out of steam.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 63.65/63.68 January 10 - $41.36mln
10-yr bond yield 7.38 pct Month-to-date $402.63mln $341.83mln
Year-to-date $402.63mln $341.83mln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 63.62 Indian rupees)
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)